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Rumi's family worked within the metal industry for three generations since his grandfather Gabriele Rumi opened an ironfoundry in Brescia. Rumi took over the running of the business in 1961. Within the decade, Rumi became passionate about motorsport after visiting the Monte Bondone hillclimb event near Trento. In 1970, Rumi decided to diversify the business into the light alloy sector, to produce parts for engines and other uses for motor vehicles. In 1972, Rumi decided that he would start his own alloy wheel business.[2] The business would become known as Fondmetal.[3]

Rumi began his involvement in Formula One motor racing when he sponsored fellow countryman Piercarlo Ghinzani. In 1990, Rumi bought the Osella team and renamed the team Fondmetal the following year. Fondmetal was shut down at the end of 1992 due to the high costs of running the team. However, the company remained in Formula One by leasing out their own wind tunnel to other competitors. In 1996, Rumi returned to the position of a team owner when he was a member of a consortium which brought Minardi and became the team's majority shareholder in 1997.[4] At the end of 2000, Rumi sold his shares in Minardi to the Pan-American Sports Network who sponsored their driver Gastón Mazzacane who later sold the team to Australian businessman Paul Stoddart.[5]

Rumi died of cancer on 21 May 2001 aged 61. He is survived by his wife Maria Carla Manara and their children Stefano and Alessandra.[4] A memorial service in honour of Rumi was held at the church of Santa Maria Assunta, Palazzolo sull'Oglio on 23 May.[6]